Estudios de caso
J.S. Held adquiere Shechter & Everett para expandir los servicios de contabilidad forense en litigios de derecho de familia en Florida
LEER MÁSA casual dining franchisee operating 73 restaurant locations across seven states (Illinois, Florida, Michigan, Indiana, Minnesota, Wisconsin, and Ohio) faced mounting operational and financial challenges. The company generated approximately $191M in annual sales and carried $20M in debt, while experiencing sustained declines in customer traffic and revenue. Net sales had fallen by at least 2.3% for nine consecutive quarters, culminating in an 8.7% decline in the most recent quarter. Customer traffic and net sales were each decreasing by 5% or more year over year.
Performance challenges were compounded by the franchise brand's lack of a clear strategic vision and the financial impact of a heavily promoted "$10 Endless Appetizers" offering, which reduced EBITDA by approximately $18M. In addition, 11 restaurant locations were generating significant losses, collectively reducing EBITDA by $3.3M over the preceding twelve months. The company also operated 12 locations with excessive occupancy costs, creating opportunities for lease restructuring.
Further complicating matters, the strained relationship between the franchisee and the brand's leadership made negotiations difficult, the company had recently lost its CFO, and management lacked sufficient financial analytics to support informed decision-making. Without intervention, the company was expected to experience pressure on its bank financial covenants as early as the following quarter.
Our team was engaged as a restructuring advisor to evaluate the company's operational challenges and identify opportunities to improve performance and preserve value. Our experts conducted a comprehensive assessment of the restaurant portfolio and determined which locations were unlikely to achieve a sustainable turnaround. As a result, 11 significantly underperforming restaurants were closed to eliminate ongoing losses and improve overall profitability.
To address excessive occupancy costs, the team renegotiated lease rates at 12 restaurant locations, helping reduce fixed expenses and strengthen operating performance. We supported enhancements to the company's financial leadership by upgrading the CFO position and strengthening the organization's financial capabilities.
Our experts analyzed restaurant-level operating performance to identify outlier locations and target specific opportunities for improvement. We encouraged the franchisor to establish a more realistic brand vision and strategic direction that would support long-term franchisee success.
These collective initiatives were projected to improve EBITDA by approximately $3.4M in the following fiscal year. Applying a four-times EBITDA multiple, the operational and restructuring measures increased enterprise value by an estimated $14M, strengthening the company's financial footing and enhancing value for stakeholders.
> Servicios de recuperación y reestructuración
Superar los numerosos desafíos que enfrenta una empresa en transición requiere un enfoque operativo que vaya más allá del balance. Este enfoque tiene como objetivo evitar una mayor caída y crear un camino hacia el crecimiento sostenible. Basándonos en décadas de experiencia en el ámbito de la recuperación, ayudamos a las empresas en transición a identificar estrategias prácticas para mejorar la rentabilidad y la liquidez para lograr un alivio inmediato, al mismo tiempo que desarrollamos y ejecutamos un plan de recuperación integral para la creación de valor sostenible a largo plazo.
> CFO y soporte financiero corporativo
La función financiera es fundamental para crear valor en la mayoría de las empresas. Brindamos un apoyo incomparable a la dirección financiera para dar forma a la estrategia organizacional y mejorar el valor comercial a largo plazo. A medida que los directivos financieros de todos los sectores enfrentan demandas crecientes, falta de personal y desafíos sin precedentes, nosotros brindamos orientación sobre la planificación financiera y la mejora de las operaciones, la mitigación de riesgos y la inteligencia empresarial estratégica.
For additional information about the engagement or to learn more about our services, contact:
